ADMN 1000 EXAM STUDY UPDATED QUESTIONS AND
CORRECT ANSWERS
Question:
1. Define finance
Answer:
A business function of planning, obtaining, and managing a companies funds to accomplish its
objectives
Question:
2. What is the most important aspect to business
Answer:
Relationships
Question:
3. What is a business plan
Answer:
a formal document that defines -companies objectives -how they will achieve -how it will be financed
-how money will be brought in
Question:
4. What are the 2 key functions of a busi-ness plan
Answer:
1. organize a business and justify its central ideas
2. summarize businesses and its strategies from lenders to investors
Question:
5. What is a vision
Answer:
A 3-sentence definition describing 'what?' -declaring what is being achieved
Question:
6. Mission
Answer:
A 12-sentence definition describing 'so what' -declares where you are going and why it matters
Question:
7. 4 Ws and a H to a business plan
Answer:
WHAT: what is your niche or your product? WHEN: will it take time to bring your service or product
to the market? WHERE: Local, regional, provincial? Where is it marketed WHY: passion, calling,
advancement to other products? HOW: restate your mission and vision
Question:
8. Mastermind toys
, Answer:
High risk of competitors and at risk of bankruptcy
Question:
9. Product
Answer:
bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants
Question:
10. Classify Consumer Goods
Answer:
-Convenience products -Shopping products Speciality products
Question:
11. Promotions
Answer:
function of informing, persuading, and influencing a purchase decision
Question:
12. Integrated market-ing communications
Answer:
-coordination of all promotional activities
Question:
13. Integrated market-ing communication examples
Answer:
-media advertising -direct mail -personal selling -sales promotions -public relations
Question:
14. Promotional mix
Answer:
combination of personal selling and non personal markets to meet the needs of firms to target
customers
Question:
15. Personal Selling
Answer:
Direct person to person promotions presented to a potential buyer
Question:
16. Non-personal Selling
Answer:
Form of selling such as ads, sales promotions, direct markets, public relations
Question:
17. Objective of promo-tional strategies
CORRECT ANSWERS
Question:
1. Define finance
Answer:
A business function of planning, obtaining, and managing a companies funds to accomplish its
objectives
Question:
2. What is the most important aspect to business
Answer:
Relationships
Question:
3. What is a business plan
Answer:
a formal document that defines -companies objectives -how they will achieve -how it will be financed
-how money will be brought in
Question:
4. What are the 2 key functions of a busi-ness plan
Answer:
1. organize a business and justify its central ideas
2. summarize businesses and its strategies from lenders to investors
Question:
5. What is a vision
Answer:
A 3-sentence definition describing 'what?' -declaring what is being achieved
Question:
6. Mission
Answer:
A 12-sentence definition describing 'so what' -declares where you are going and why it matters
Question:
7. 4 Ws and a H to a business plan
Answer:
WHAT: what is your niche or your product? WHEN: will it take time to bring your service or product
to the market? WHERE: Local, regional, provincial? Where is it marketed WHY: passion, calling,
advancement to other products? HOW: restate your mission and vision
Question:
8. Mastermind toys
, Answer:
High risk of competitors and at risk of bankruptcy
Question:
9. Product
Answer:
bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants
Question:
10. Classify Consumer Goods
Answer:
-Convenience products -Shopping products Speciality products
Question:
11. Promotions
Answer:
function of informing, persuading, and influencing a purchase decision
Question:
12. Integrated market-ing communications
Answer:
-coordination of all promotional activities
Question:
13. Integrated market-ing communication examples
Answer:
-media advertising -direct mail -personal selling -sales promotions -public relations
Question:
14. Promotional mix
Answer:
combination of personal selling and non personal markets to meet the needs of firms to target
customers
Question:
15. Personal Selling
Answer:
Direct person to person promotions presented to a potential buyer
Question:
16. Non-personal Selling
Answer:
Form of selling such as ads, sales promotions, direct markets, public relations
Question:
17. Objective of promo-tional strategies
